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Insurance sector: net financial result down by 12% y-o-y in H1


2011-09-20



The net financial result of Poland’s insurance sector amounted to just under PLN 4.4bn (approx. €1.1bn) in the first half of 2011, which translates into a decline of 12% compared with the same period a year ago, according to figures from the Financial Supervisory Commission (KNF). This came after a 1.7% rise in the sector’s net result in 2010.

The deterioration in the overall financial performance of the country’s insurance firms in H1 came despite a near-doubling of the technical result, to over PLN 2bn (€509m), and strong increases in premium revenues and assets. Total gross written premiums in the insurance sector amounted to nearly PLN 29.5bn (€7.5bn) in H1, an increase of 12% y-o-y. Gross written premiums at life insurance firms increased by 10.8% y-o-y to PLN 16.7bn (€4.2bn), whereas non-life insurers reported a 13.7% y-o-y rise to PLN 12.8bn (€3.2bn).

At the end of June, insurance companies operating in Poland had assets worth almost PLN 156bn (€39.5bn), which was 15.4% higher than a year earlier.

The sector’s solvency ratio was 88.34% at the end of June, down from 90.54% in mid-2010.



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